通信行业月报：运营商大数据业务高速增长，AI手机渗透率逐步提升

Investment Rating - The report maintains an investment rating of "In line with the market" for the communication industry [3][5]. Core Insights - The communication industry index underperformed the Shanghai Composite Index in November 2024, with a decline of 2.03% compared to the Shanghai Composite's increase of 1.42% [3][41]. - The telecom business revenue reached 1.4535 trillion yuan from January to October 2024, showing a year-on-year growth of 2.6%, while emerging business revenue grew by 8.9% [3][55]. - The penetration rate of 5G mobile phone users reached 55.6% by October 2024, with a significant increase in gigabit broadband users [3][57]. Summary by Sections 1. Market Review - The communication industry index fell by 2.03% in November 2024, lagging behind other indices [3][41]. - The telecom sector's revenue growth was driven by emerging businesses, particularly big data services, which saw a year-on-year increase of 52.5% [3][55]. 2. Industry Tracking - The TMT (Technology, Media, and Telecommunications) sector's industrial value added grew by 12.6% year-on-year from January to October 2024, outperforming the overall industrial growth rate [3][50]. - Retail sales of communication equipment increased by 12.2% year-on-year during the same period, driven by smartphone upgrades and market promotions [3][50]. 3. Domestic Mobile Phone Industry Tracking - In October 2024, domestic smartphone shipments reached 29.67 million units, a year-on-year increase of 1.8%, with 5G phones accounting for 90.1% of total shipments [3][78]. - From January to October 2024, domestic smartphone shipments totaled 250 million units, with 5G phones making up 85.5% of the total [3][78]. 4. Emerging Business Development - Emerging business revenue for telecom operators reached 358.3 billion yuan from January to October 2024, contributing 24.7% to total telecom revenue [3][71]. - The cloud computing and big data sectors saw revenue growth of 8.5% and 52.5% respectively during the same period [3][71]. 5. Operator Performance - The number of 5G mobile phone users reached 995 million by October 2024, with a net increase of 173 million users since the end of 2023 [3][57]. - Operators are focusing on high-quality development and exploring new revenue models through differentiated 5G service packages [3][62].